# Concentra Group Holdings Parent, Inc. (CON) Informational only - not investment advice. CIK: 0002014596 SIC: 8093 Services-Specialty Outpatient Facilities, NEC SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8093 Services-Specialty Outpatient Facilities, NEC](/industry/8093/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=2014596 Filing source: https://www.sec.gov/Archives/edgar/data/2014596/000201459626000029/cghp-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2163417000 | USD | 2025 | 2026-02-26 | | Net income | 166415000 | USD | 2025 | 2026-02-26 | | Assets | 2858388000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002014596.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | | Revenue | 1,724,359,000 | 1,838,081,000 | 1,900,192,000 | 2,163,417,000 | | Net income | 166,727,000 | 179,947,000 | 166,543,000 | 166,415,000 | | Operating income | 258,529,000 | 287,632,000 | 304,763,000 | 333,992,000 | | Diluted EPS | 1.60 | 1.73 | 1.46 | 1.30 | | Assets | 2,297,235,000 | 2,333,560,000 | 2,521,164,000 | 2,858,388,000 | | Liabilities | | 1,156,121,000 | 2,222,440,000 | 2,437,959,000 | | Stockholders' equity | | | 275,671,000 | 393,281,000 | | Cash and cash equivalents | | 31,374,000 | 183,255,000 | 79,899,000 | | Net margin | 9.67% | 9.79% | 8.76% | 7.69% | | Operating margin | 14.99% | 15.65% | 16.04% | 15.44% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002014596.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2024-Q2 | 2024-03-31 | | 48,956,000 | | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 51,737,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 477,915,000 | | 0.50 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 489,638,000 | | 0.37 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 465,041,000 | 21,512,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 500,752,000 | 38,911,000 | 0.30 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 38,911,000 | | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 44,560,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 550,785,000 | | 0.35 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 572,800,000 | | 0.38 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 539,080,000 | 34,685,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 569,555,000 | 50,488,000 | 0.39 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/2014596/000201459626000044/cghp-20260331.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in the sections titled “Risk Factors” and “Forward-Looking Statements” included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 and in this Quarterly Report on Form 10-Q. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results we expect for the full fiscal year or any other period. Concentra Group Holdings Parent, Inc., a Delaware corporation (“Concentra”), conducts substantially all of its business through Concentra Health Services, Inc. (“CHSI”) and CHSI’s subsidiaries. As the context may require, the “Company,” “we,” “us,” “our” or similar words in this report refer collectively to Concentra and its subsidiaries. Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” “anticipates,” “estimates” and other words of similar meaning in conjunction with, among other things: discussions of future operations; expected operating results and financial performance; impact of planned acquisitions and dispositions; our strategy for growth; product development activities; regulatory approvals; market position; market size and opportunity; expenditures; and the effects of the Separation and the Distribution on our business. Because forward-looking statements are based on current beliefs, expectations and assumptions regarding future events, they are subject to risks, uncertainties and changes that are difficult to predict and many of which are outside of our control. You should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. You are therefore cautioned not to rely on these forward-looking statements. Risks and uncertainties include: •The frequency of work-related injuries and illnesses; •Adverse changes to our relationships with employer customers, third-party payors, workers’ compensation provider networks or employer services networks; •Changes to regulations, new interpretations of existing regulations, or violations of regulations; •State fee schedule changes undertaken by state workers’ compensation boards or commissions and other third-party payors; •Our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs; •Labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs; •Our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers; •The impacts of any security breaches, cyberattacks, loss of data, or cybersecurity threats or incidents involving our, or our third-party vendors’, information technology systems, and any failure to comply with legal requirements related to data privacy, interoperability or data protection, including those governing the privacy and security of health information or other regulated, sensitive or confidential information; •Negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes; •Significant legal actions could subject us to substantial uninsured liabilities; 22 Table of Contents •Litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements; •Insurance coverage may not be sufficient to cover losses we may incur; •Acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities; •Our exposure to additional risk due to our reliance on third parties in many aspects of our business; •Our ability to manage relationships with managed affiliated professional medical groups (“Managed PCs”); •Our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information; •Compliance with applicable data interoperability and information blocking rules; •Facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations; •Our ability to adequately protect and enforce our intellectual property and other proprietary rights; •Adverse economic conditions in the U.S. or globally; •Any negative impact on the global economy and capital markets resulting from geopolitical tensions; •The impact of impairment of our goodwill and other intangible assets; •Our ability to maintain satisfactory credit ratings; •The effects of the Separation on our business; •The negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease; •The loss of key members of our management team; •Our ability to attract and retain talented, highly skilled employees and a diverse workforce, and the succession of our senior management; •Climate change, or legal, regulatory or market measures to address climate change; •Increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; and •Changes in tax laws or exposures to additional tax liabilities. You should also carefully read the risk factors described in our Annual Report on Form 10-K in Part I, Item 1A. “Risk Factors” for a description of certain risks that could, among other things, cause our actual results to differ materially from those expressed or implied in our forward-looking statements. You should understand that it is not possible to predict or identify all such factors and you should not consider the risks described above to be a complete statement of all potential risks and uncertainties. We do not undertake to publicly update any forward-looking statement that may be made from time to time, whether as a result of new information or future events or developments, except as required by law. 23 Table of Contents Overview We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of March 31, 2026, we operated 632 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 45 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. Our patients are generally employed by our main customers — employers across the United States. Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: •Occupational health centers: Our occupational health centers operating segment encompasses the services we deliver at our 632 occupational health center facilities across the United States. In this operating segment, we serve all types of employers, from Fortune 100 companies to small businesses. The occupational health services provided in this operating segment include workers’ compensation and employer services, and we also provide consumer health services. •Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 411 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers. •Other businesses: Our other businesses operating segment is comprised of several complementary services to our core occupational health services offering and includes Concentra Telemed, Concentra Pharmacy, and Concentra Medical Compliance Administration. In this operating segment, we serve all types of employers. All three operating segments are aggregated into a single reportable segment in our condensed consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. The following table represents the percentage of revenue by our operating segments for the periods indicated: Three Months Ended March 31, 2026 2025 Occupational health centers 91  % 95  % Onsite health clinics 7  % 3  % Other businesses 2  % 2  % Across our operating segments, we offer a diverse and comprehensive array of occupational health services, including workers’ compensation and employer services, and consumer health services: •Workers’ compensation services: include the support of workers’ compensation injuries and illnesses, physical rehabilitation, and specialist care. •Employer services: consist of drug and alcohol screenings, physical examinations and evaluations, clinical testing, and preventive care, as well as direct-to-employer services that include the services described above and advanced primary care at our onsite health clinics. •Consumer health services: consist of the support of patient-directed urgent care treatment of injuries and illnesses. 24 Table of Contents The following table sets forth the percentage of our overall visits per day (“VPD”) volume in our occupational health center operating segment by service offering, for the periods presented: Three Months Ended March 31, 2026 2025 Workers’ compensation services 46  % 45  % Employer services 52  % 53  % Consumer health services 2  % 2  % The following table sets forth the percentage of visit-related revenue in our occupational health center operating segment by service offering, for the periods presented: Three Months Ended March 31, 2026 2025 Workers’ compensation services 65  % 64  % Employer services 33  % 34  % Consumer health services 2  % 2  % Regulatory Matters Our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, contains a detailed discussion of the regulations that affect our business in Part I, Item I. Business—“Government Regulations”. 25 Table of Contents Operating Statistics Management utilizes specific key operating metrics to monitor trends and performance in our business and therefore may be important to investors because management may assess our performance based in part on such metrics. Other healthcare providers may present similar measures; however, these measures are [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations. You should read this discussion together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled “Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. This section of this Annual Report on 10-K generally discusses the results of operations for the years ended December 31, 2025 and December 31, 2024 and year-to-year comparisons between those years. For discussion of the year ended December 31, 2023 items and year-to-year comparisons between the years ended December 31, 2024 and December 31, 2023 that are not included in this Annual Report on Form 10-K, refer to Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, that was filed with the Securities and Exchange Commission on March 3, 2025. Overview We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America’s workforce. As of December 31, 2025, we operated 628 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. We had approximately 13,000 colleagues and affiliated physicians and clinicians as of December 31, 2025 who supported the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care to approximately 53,000 patients each business day on average during 2025. Our patients are generally employed by our main customers — employers across the United States. Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: •    Occupational health centers: Our occupational health centers operating segment encompasses the services we deliver at our 628 occupational health center facilities across the United States. In this operating segment, we serve all types of employers, from Fortune 100 companies to small businesses. The occupational health services provided in this operating segment include workers’ compensation and employer services, and we also provide consumer health services. •    Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer’s workplace, including mobile health services and episodic specialty testing services — we deliver our services at 411 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers. •    Other businesses: Our other businesses operating segment is comprised of several complementary services to our core occupational health services offering and includes Concentra Telemed, Concentra Pharmacy, and Concentra Medical Compliance Administration. In this operating segment, we serve all types of employers. All three operating segments are aggregated into a single reportable segment in our consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. The following table represents the percentage of revenue by our operating segments for the periods indicated: Year Ended December 31, 2025 2024 2023 Occupational health centers 93  % 95  % 95  % Onsite health clinics 5  % 3  % 3  % Other businesses 2  % 2  % 2  % 61 Table of Contents Across our operating segments, we offer a diverse and comprehensive array of occupational health services, including workers’ compensation, employer services and consumer health services: •Workers’ compensation services: include the support of workers’ compensation injuries and illnesses, physical rehabilitation, and specialist care. •Employer services: consist of drug and alcohol screenings, physical examinations and evaluations, clinical testing, and preventive care, as well as direct-to-employer services that include the services described above and advanced primary care at our onsite health clinics. •Consumer health services: consist of the support of patient-directed urgent care treatment of injuries and illnesses. The following table sets forth the percentage of our overall visits per day (“VPD”) volume in our occupational health center operating segment by service offering, for the periods presented: Year Ended December 31, 2025 2024 2023 Workers’ compensation services 46  % 46  % 44  % Employer services 52  % 52  % 54  % Consumer health services 2  % 2  % 2  % The following table sets forth the percentage of visit-related revenue in our occupational health center operating segment by service offering, for the periods presented: Year Ended December 31, 2025 2024 2023 Workers’ compensation services 65  % 64  % 64  % Employer services 33  % 34  % 34  % Consumer health services 2  % 2  % 2  % 62 Table of Contents Significant Events Nova Acquisition Effective March 1, 2025, the Company acquired Nova. CHSI entered into an equity purchase agreement to acquire all of the outstanding membership interests for a purchase price of $265.0 million, subject to adjustment in accordance with the terms and conditions set forth in the purchase agreement. We financed the transaction using a combination of $102.1 million of new debt financing under the Credit Agreement, $50.0 million of available borrowing capacity under our existing Revolving Credit Facility, and the remaining with cash on hand. Nova operated 67 occupational health centers in five states, providing workers’ compensation injury care services, physical therapy, drug and alcohol screening, and pre-employment physicals as part of their full suite of occupational health services. Debt Financing On March 3, 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25-basis point step down at a net leverage ratio of ≤3.50x. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25-basis point step down at a net leverage ratio of ≤3.25x. Pivot Onsite Innovations Acquisition Effective June 1, 2025, the Company acquired Pivot Onsite Innovations from Pivot Occupational Health, LLC. CHSI entered into an equity purchase agreement to acquire all of the outstanding equity interests for a purchase price of $54.4 million, subject to adjustment in accordance with the terms and conditions set forth in the purchase agreement. We financed the transaction using a combination of $35.0 million of available borrowing capacity under our existing Revolving Credit Facility and the remaining with cash on hand. Pivot Onsite Innovations operated over 240 onsite health clinics at employer locations in over 40 states, providing occupational health, wellness, prevention, and performance services. The acquisition enabled the Company to expand to over 400 onsite health clinics at employer worksites. Voluntary Repayment of Debt During the year ended December 31, 2025, the Company made voluntary repayments on the Revolving Credit Facility of $85 million, which resulted in no borrowings outstanding on the Revolving Credit Facility as of December 31, 2025. These repayments were made using available cash on hand and were not contractually required. Under the terms of the Credit Agreement, repayment was not due until July 26, 2029. Repurchase of Common Stock During the year ended December 31, 2025, we repurchased 1.1 million shares of our common stock for $22.4 million. The repurchase of common stock included shares repurchased under the share repurchase program and 114,052 shares of common stock repurchased for $2.4 million related to the shares withheld in connection with the vesting of employee restricted stock awards. Shares repurchased in connection with employee restricted stock awards do not impact the remaining authorization under the share repurchase program. Share Repurchase Program On November 5, 2025, the Board of Directors authorized a share repurchase program to repurchase up to $100 million of the Company’s outstanding common stock. The share repurchase program will expire on December 31, 2027, unless extended or terminated by the Board of Directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as the Board of Directors deems appropriate. The Company will fund the share repurchase program with cash on hand. The authorization of the share repurchase program does not obligate the Company to repurchase any shares. During the year ended December 31, 2025, the Company repurchased 1.0 million shares of common stock under the share repurchase program for $20.0 million. All shares repurchased were permanently retired. As of December 31, 2025, the Company’s remaining authorization to repurchase shares under the program was $80.0 million. 63 Table of Contents Operating Statistics Management utilizes specific key operating metrics to monitor trends and performance in our business and therefore may be important to investors because management may assess our performance based in part on such metrics. Other healthcare providers may present similar measures; however, these measures are susceptible to varying definitions and our key metrics may not be comparable to other similarly titled measures of other companies. Patient Visits and VPD Volume We monitor the number of patient visits and VPD volume for each of our major service lines in our occupational health center operating segment — workers’ compensation services, employer services, and consumer health. Management believes that the number of patient visits is the single most important indicator of the volume of services being provided in our centers. VPD volume, which is calculated as total patient visits in a given period divided by total business days for such period, allows for comparability between time periods with different number of business days. Patient visits and VPD volume include only the patients seen in our occupational health centers segment and does not include our onsite health clinics or other businesses operating segments. Revenue Per Visit Management also measures reimbursement rates utilizing patient revenue per visit which is calculated as total patient revenue divided by total patient visits for the relevant period. Revenue per visit as reported includes only the revenue and patient visits in our occupational health centers operating segment and does not include our onsite health clinics or other businesses operating segments. The following table sets forth operating statistics for our occupational health centers operating segment for the periods presented: For the Year Ended December 31, % Change 2025 2024 2023 2025 - 2024 2024 - 2023 Number of patient visits Workers’ compensation 6,215,456  5,794,168  5,668,042  7.3  % 2.2  % Employer services 7,104,227  6,596,573  6,874,693  7.7  % (4.0) % Consumer health 227,024  232,762  234,897  (2.5) % (0.9) % Total 13,546,707  12,623,503  12,777,632  7.3  % (1.2) % VPD Volume Workers’ compensation 24,374  22,633  22,315  7.7  % 1.4  % Employer services 27,860  25,768  27,066  8.1  % (4.8) % Consumer health 890  909  925  (2.1) % (1.7) % Total 53,124  49,311  (1) 50,306  7.7  % (2.0) % Revenue per visit Workers’ compensation $ 210.15  $ 199.53  $ 194.48  5.3  % 2.6  % Employer services 92.84  90.36  86.44  2.7  % 4.5  % Consumer health 137.88  135.41  132.80  1.8  % 2.0  % Total $ 147.42  $ 141.30  $ 135.22  4.3  % 4.5  % Business days 255  256  254  ____________________________________________ (1)    Does not foot due to rounding. 64 Table of Contents Facility Counts The following table sets forth facility counts for our occupational health centers and onsite health clinics operating segment for the periods presented: For the Year Ended December 31, 2025 2024 2023 Number of occupational health centers—start of period 552  544  540  Number of occupational health centers acquired 72  3  4  Number of occupational health centers de novos 7  6  3  Number of occupational health centers closed (3) (1) (3) Number of occupational health centers—end of period 628  552  544  Number of onsite health clinics—end of period 411  157  150  65 Table of Contents Results of Operations The following table outlines selected operating data as a percentage of revenue for the periods indicated: For the Year Ended December 31, 2025 2024 2023 ($ in thousands) Amount Percent(2) Amount Percent(2) Amount Percent(2) Revenue $ 2,163,417  100.0  % $ 1,900,192  100.0  % $ 1,838,081  100.0  % Costs and expenses: Cost of services, exclusive of depreciation and amortization 1,550,323  71.7  1,372,217  72.2  1,325,649  72.1  General and administrative, exclusive of depreciation and amortization 203,305  9.4  156,318  8.2  151,999  8.3  Depreciation and amortization 75,817  3.5  67,178  3.5  73,051  4.0  Total costs and expenses 1,829,445  84.6  1,595,713  83.9  1,550,699  84.4  Other operating income 20  0.0  284  0.0  250  0.0  Income from operations 333,992  15.4  304,763  16.0  287,632  15.6  Other income and expense: Loss on early retirement of debt (875) (0.0) —  —  —  —  Equity in losses of unconsolidated subsidiaries —  —  (3,676) (0.2) (526) (0.0) Interest expense (109,290) (5.1) (47,714) (2.5) (221) (0.0) Interest expense on related party debt —  —  (21,980) (1.2) (44,253) (2.4) Other expense —  —  —  —  (2) (0.0) Income before income taxes 223,827  10.3  231,393  12.2  242,630  13.2  Income tax expense 50,978  2.4  59,496  3.1  57,887  3.1  Net income 172,849  8.0  171,897  9.0  184,743  10.1  Less: net income attributable to non-controlling interests 6,434  0.3  5,354  0.3  4,796  0.3  Net income attributable to the Company $ 166,415  7.7  % $ 166,543  8.8  % $ 179,947  9.8  % Adjusted EBITDA(1) $ 431,863  20.0  % $ 376,856  19.8  % $ 361,334  19.7  % Adjusted Net Income Attributable to the Company(1) $ 176,018  8.1  % $ 168,466  8.9  % $ 179,947  9.8  % ____________________________________________ (1)    Adjusted EBITDA and Adjusted Net Income Attributable to the Company are financial measures not calculated in accordance with U.S. GAAP. For definitions and reconciliations to the U.S. GAAP measures, please see “—Non-GAAP Measures”. (2)    Totals in this column may not foot due to rounding. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenue Revenue increased 13.9% to $2,163.4 million for the year ended December 31, 2025, compared to $1,900.2 million for the year ended December 31, 2024, driven by organic increases in both volume of patient visits and revenue per visit and due to the addition of 72 occupational health centers that were acquired through acquisitions in March 2025 and over 240 onsite locations that were acquired through acquisition in June 2025. Our total patient visits increased 7.3% to 13,546,707 for the year ended December 31, 2025, compared to 12,623,503 visits for the year ended December 31, 2024. Total VPD volume increased 7.7% to 53,124 for the year ended December 31, 2025, compared to 49,311 VPD for the year ended December 31, 2024, primarily due to the acquisition of Nova. Workers’ compensation VPD volume increased 7.7% to 24,374 from 22,633 and employer services VPD volume increased 8.1% to 27,860 from 25,768 for the year ended December 31, 2025, compared to the year ended December 31, 2024. Revenue per visit increased 4.3% to $147.42 for the year ended December 31, 2025, compared to $141.30 for the year ended December 31, 2024. We experienced a higher revenue per visit principally due to increases in the reimbursement rates payable pursuant to certain state fee schedules for workers’ compensation visits, as well as increases in our employer services rates, during the year ended December 31, 2025. Revenue per visit for workers’ compensation visits increased 5.3% to $210.15 from $199.53 and revenue per visit for employer services visits increased 2.7% to $92.84 from $90.36, for the year ended December 31, 2025, compared to the year ended December 31, 2024. 66 Table of Contents Cost of Services Our cost of services expense includes all direct and indirect support costs related to providing services to our customers. Cost of services was $1,550.3 million, or 71.7% of revenue, for the year ended December 31, 2025, compared to $1,372.2 million, or 72.2% of revenue, for the year ended December 31, 2024. The percentage of revenue decreased primarily due to increased staffing efficiencies, relative to a 13.9% increase in revenue during the period. General and Administrative General and administrative expense includes corporate overhead such as finance, legal, human resources, marketing, corporate offices, and other administrative areas, as well as executive compensation. Our general and administrative expense was $203.3 million, or 9.4% of revenue, for the year ended December 31, 2025, compared to $156.3 million, or 8.2% of revenue, for the year ended December 31, 2024. The increase in general and administrative expense as a percentage of revenue is principally due to Nova and Pivot Onsite Innovations acquisition and transition costs, one-time costs to separate from Select, stock compensation expense, and the planned addition of new full-time employees and other personnel costs to support the separation from Select and operate as a standalone public company. Depreciation and Amortization Depreciation and amortization expense was $75.8 million for the year ended December 31, 2025, compared to $67.2 million for the year ended December 31, 2024. The increase was due to recent growth investments. Equity in Losses of Unconsolidated Subsidiaries For the year ended December 31, 2025, we had no equity in losses of unconsolidated subsidiaries, compared to $3.7 million for the year ended December 31, 2024. The decrease in equity in losses is attributable to the impairment of an investment during the year ended December 31, 2024. Interest Expense For the year ended December 31, 2025, we had interest expense of $109.3 million, compared to $47.7 million for the year ended December 31, 2024. The increase in interest expense was due to the issuance of an $850.0 million term loan, $650.0 million senior notes in late July 2024, $102.1 million of incremental term loan in March 2025, and the $85.0 million in borrowings on the Revolving Credit Facility during the year, which were fully repaid by October 2025, as described in Note 9—“Long-Term Debt”. Interest Expense on Related Party Debt For the year ended December 31, 2025, we had no interest expense on our related party debt with Select, compared to $22.0 million for the year ended December 31, 2024. The decrease in interest expense on related party debt is due to the payoff of the revolving promissory note with Select during the three months ended September 30, 2024. Income Taxes We recorded income tax expense of $51.0 million for the year ended December 31, 2025, which represented an effective tax rate of 22.8%. We recorded income tax expense of $59.5 million for the year ended December 31, 2024, which represented an effective tax rate of 25.7%. For the year ended December 31, 2025, the decrease in effective tax rate was driven primarily by a favorable tax rate impact associated with increased deduction of tax credits and a decrease in the state tax rate. See Note 17—“Income Taxes” of the notes to our consolidated financial statements included herein for the reconciliations of the federal statutory income tax rate to our effective income tax rate for the years ended December 31, 2025 and December 31, 2024. 67 Table of Contents Critical Accounting Estimates In preparing our consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), we must use estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures and the reported amounts of revenue and expenses. In general, our estimates are based on historical experience and various other assumptions we believe are reasonable under the circumstances. We evaluate our estimates on an ongoing basis and make changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. We consider our critical accounting policies to be those that involve significant judgments and uncertainties, and may potentially result in materially different results under different assumptions and conditions. Revenue Recognition and Accounts Receivable Our principal revenue sources come from providing healthcare services to patients in the form of workers’ compensation injury and illness care and related services, healthcare services related to employer needs or statutory requirements, and consumer health services. Revenue earned from these services is variable in nature and we are required to make judgments that impact the transaction price. For each patient visit, there is an implied arrangement between us and the patient; however, the healthcare services provided are primarily paid for by employer programs and third-party payors, including workers’ compensation programs, and commercial insurance companies, on the patient’s behalf under separate contractual arrangements. We determine the transaction price for services provided to patients based on known payment terms or usual and customary amounts associated with the specific payor or based on the service provided. Workers’ compensation laws and regulations vary by state, so the specific details of coverage and reimbursement will differ based on the location of the workplace and the applicable laws. The Company monitors historical reimbursement rates and compares them against the associated gross charges for the service provided. The percentage of historical reimbursed claims to gross charges is utilized to determine the amount of revenue to be recognized for services rendered. Governmental reimbursement programs, and third-party payor contracts are often complex and typically have differing billing and documentation programs that can be open to interpretation. If a payor determines that we have not complied with their billing and/or documentation requirements, we may not be paid for our services or our payment may be reduced. Variable consideration included in the transaction price is inclusive of our estimates of implicit discounts and other adjustments, such as our interpretation of reimbursement under the applicable fee schedules and third-party payor contracts, medical necessity denials, documentation denials for timely filing or lack of prior authorization, and/or instances when a patient’s insurance coverage was not verified, which are estimated using our historical experience. Management includes in its estimates of the transaction price its expectations for these types of adjustments such that the amount of cumulative revenue recognized will not be subject to significant reversal in future periods. Historically, adjustments arising from a change in the transaction price have not been material. Our accounts receivable is reported at an amount equal to the amount we expect to collect for providing healthcare services to our patients. Because our accounts receivable is primarily paid for by highly-solvent, creditworthy payors, such as workers’ compensation programs, employer programs, third-party administrators, commercial insurance companies, and federal and state governmental authorities, our credit losses are infrequent and insignificant in nature; as such, we generally do not recognize allowances for expected credit losses. Goodwill We operate three reporting units which include the occupational health centers reporting unit, the onsite health clinics reporting unit, and the other businesses reporting unit. We assign goodwill to our reporting units based upon the specific nature of the business acquired, or when a business combination contains business components related to more than one reporting unit, goodwill is assigned to each reporting unit based upon an allocation determined by the relative fair values of the business acquired. When we dispose of a business, we allocate a portion of the reporting unit’s goodwill to that business based on the relative fair values of the portion of the reporting unit being disposed of and the portion of the reporting unit remaining. We evaluate our reporting units on an annual basis, and if our reporting units are reorganized, we reassign goodwill based on the relative fair values of the new reporting units. We have elected to perform our annual goodwill impairment assessments as of October 1. We also test goodwill for impairment when events or conditions occur that might suggest a possible impairment. These events or conditions could include a significant change in the business environment, the regulatory environment, or legal factors; a current period operating or cash 68 Table of Contents flow loss combined with a history of such losses or a projection of continuing losses; or a sale or disposition of a significant portion of a reporting unit. When performing quantitative assessments, we consider both the income and market approaches in determining the fair value. Included in the income approach are assumptions regarding revenue growth rates, future Adjusted EBITDA margin estimates, future capital expenditure requirements, the industry’s weighted average cost of capital, and industry specific, market observable implied Adjusted EBITDA multiples. We also include estimated residual values at the end of the forecast period. In establishing our assumptions, we consider current industry and market conditions; historical financial performance, including our revenue, earnings, and operating cash flow growth trends; cost factors, including the effects of inflation and rising prices; and the regulatory environment. If any one of the above assumptions or judgments used to estimate the fair value of the reporting unit fails to materialize, the resulting decline in our estimated fair value could result in an impairment charge. When performing qualitative assessments, we apply judgment in determining the events and circumstances that most affect the fair value of the reporting unit and in evaluating the significance of those identified events and circumstances in order to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. As part of our qualitative assessments, we considered (i) the magnitude of the reporting unit’s excess fair value over its carrying amount from the most recent quantitative impairment test, (ii) industry and market conditions, including the impacts of the interest rate environment, (iii) historical financial performance, including our revenue, earnings, and operating cash flow growth trends, (iv) our forecasts of revenue, earnings, and operating cash flows, (v) cost factors, including the effects of inflation and rising prices, (vi) the regulatory environment, (vii) other factors specific to each reporting unit, such as a change in strategy, a change in management, or acquisitions and divestitures affecting the composition of the reporting unit and its future operating results, and (viii) consideration of changes in our market capitalization. The Company completed impairment assessments as of October 1, 2025, October 1, 2024 and October 1, 2023, noting no impairment. As of the October 1, 2025 valuation, the estimated fair values of the reporting units were substantially in excess of their carrying values. Insurance Risk Programs Under a number of our insurance programs, which include our employee health insurance, workers’ compensation, and professional malpractice liability insurance programs, and certain employment-related matters, we are liable for a portion of our losses before we can attempt to recover from the applicable insurance carrier. For our occupational health center operations, we currently maintain insurance coverages under a combination of policies with an annual per claim limit of up to $29.0 million and an annual aggregate limit of $30.0 million for professional malpractice liability insurance and general liability insurance. Our insurance for the professional liability coverage is written on a “claims-made” basis, and our commercial general liability coverage is maintained on an “occurrence” basis. These coverages apply after a self-insured retention limit of $3.0 million per medical incident or occurrence is exceeded. See Item 1A. “Risk Factors — Risks Related to Our Business, Industry and Operations — Significant legal actions could subject us to substantial uninsured liabilities.” The estimate of losses includes actuarial loss projections of both known claims and incurred but not reported claims. These estimates are based on specific claim facts, claim frequency and severity, payment patterns for historical claims, and estimates of fees for outside counsel. In addition to the actuarial loss projections, insurance premiums and out-of-pocket expenses for the administration and analysis of claims are included in the estimate of losses accrued in a respective accounting period. We monitor these programs quarterly and revise our estimates as necessary to take into account additional information. We recorded a liability of $49.7 million and $43.9 million for our estimated losses under these insurance programs at December 31, 2025 and 2024, respectively. We also recorded insurance proceeds receivable of $1.9 million and $2.1 million at December 31, 2025 and 2024, respectively, for liabilities which exceed our deductibles and self-insured retention limits and are recoverable through our insurance policies. 69 Table of Contents Non-GAAP Measures Adjusted EBITDA and Adjusted EBITDA Margin We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA margin, as defined herein, are important to investors because Adjusted EBITDA and Adjusted EBITDA margin are commonly used as an analytical indicator of performance by investors within the healthcare industry. Adjusted EBITDA and Adjusted EBITDA margin are used by management to evaluate financial performance of, and determine resource allocation for, each of our operating segments. However, Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance under U.S. GAAP. Items excluded from Adjusted EBITDA and Adjusted EBITDA margin are significant components in understanding and assessing financial performance. Adjusted EBITDA and Adjusted EBITDA margin should not be considered in isolation, or as an alternative to, or substitute for, net income, net income margin, income from operations, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because Adjusted EBITDA and Adjusted EBITDA margin are not measurements determined in accordance with U.S. GAAP and are thus susceptible to varying definitions, Adjusted EBITDA and Adjusted EBITDA margin as presented may not be comparable to other similarly titled measures of other companies. Other companies, including companies in our industry, may calculate Adjusted EBITDA and Adjusted EBITDA margin differently than we do, limiting the usefulness of those measures for comparative purposes. We define Adjusted EBITDA as net income before, interest, income taxes, depreciation and amortization, stock compensation expense, acquisition related costs, gains or losses on early retirement of debt, separation transaction costs, and equity in earnings or losses of unconsolidated subsidiaries. We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin helps assess the efficiency of our operations on a normalized basis. The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin and should be referenced when we discuss Adjusted EBITDA and Adjusted EBITDA margin. For the Year Ended December 31, 2025 2024 2023 ($ in thousands) Amount % of Revenue(4) Amount % of Revenue(4) Amount % of Revenue(4) Reconciliation of Adjusted EBITDA: Net income(1) $ 172,849  8.0  % $ 171,897  9.0  % $ 184,743  10.1  % Add (Subtract): Income tax expense 50,978  2.4  59,496  3.1  57,887  3.1  Interest expense 109,290  5.1  47,714  2.5  221  0.0  Interest expense on related party debt —  —  21,980  1.2  44,253  2.4  Equity in losses of unconsolidated subsidiaries —  —  3,676  0.2  526  0.0  Other expense —  —  —  —  2  0.0  Loss on early retirement of debt 875  0.0  —  —  —  —  Stock compensation expense 10,490  0.5  2,327  0.1  651  0.1  Depreciation and amortization 75,817  3.5  67,178  3.6  73,051  4.0  Separation transaction costs(2) 4,093  0.2  1,693  0.1  —  —  Nova and Pivot Onsite Innovations acquisition costs 7,471  0.3  895  0.0  —  —  Adjusted EBITDA(3) $ 431,863  20.0  % $ 376,856  19.8  % $ 361,334  19.7  % ____________________________________________ (1)    The percentage of revenue values on this row represent the net income margin for the period. (2)    Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations. (3)    The percentage of revenue values on this row represent the Adjusted EBITDA margin for the period. (4)    Totals in this column may not foot due to rounding. 70 Table of Contents Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are used by management to provide useful insight into the underlying performance of our business. Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are not measures of financial performance under U.S. GAAP and are not intended to be substitutes for U.S. GAAP measures such as net income attributable to the Company or earnings per share. These metrics may differ from similarly titled metrics supported by other companies. Other companies, including companies in our industry, may calculate Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share differently than we do, limiting the usefulness of those measures for comparative purposes. Concentra believes that the presentation of Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share are important to investors because they are reflective of the financial performance of Concentra’s ongoing operations and provide better comparability of its results of operations between periods. Investors should consider these measures in addition to, and not as a replacement for, U.S. GAAP results reported in our financial statements. We define Adjusted Net Income Attributable to the Company as net income attributable to the Company, excluding gain (loss) on early retirement of debt, separation transaction costs, and acquisition costs, all on an after tax basis. We define Adjusted Earnings per Share as the Adjusted Net Income Attributable to the Company divided by the diluted weighted average shares outstanding. The following table reconciles net income attributable to the Company and earnings per share on a fully diluted basis to Adjusted Net Income Attributable to the Company and Adjusted Earnings per Share on a fully diluted basis. For the Year Ended December 31, ($ in thousands, except per share amounts) 2025 Per Share(4) 2024 Per Share(4) 2023 Per Share(4) Reconciliation of Adjusted Net Income Attributable to the Company:(1) Net income attributable to the Company $ 166,415  $ 1.30  $ 166,543  $ 1.46  $ 179,947  $ 1.73  Adjustments: Loss on early retirement of debt 875  0.01  —  —  —  —  Separation transaction costs(2) 4,093  0.03  1,693  0.01  —  —  Nova and Pivot Onsite Innovations acquisition costs 7,471  0.06  895  0.01  —  —  Total additions (subtractions), net $ 12,439  $ 0.10  $ 2,588  $ 0.02  $ —  $ —  Less: tax effect of adjustments(3) (2,836) (0.02) (665) (0.01) —  —  Adjusted Net Income Attributable to the Company $ 176,018  $ 1.37  $ 168,466  $ 1.48  $ 179,947  $ 1.73  Weighted average shares outstanding - diluted 128,296  114,203  104,191  ____________________________________________ (1)    Beginning in the second quarter of 2025, we updated the schedule for all periods presented to include Net Income Attributable to the Company. Management believes this measure will provide an improved insight into the performance of our business. (2)    Separation transaction costs represent non-recurring incremental consulting, legal, audit-related fees, system implementation, and software disposal costs incurred in connection with the Company’s separation into a new, publicly traded company and are included within general and administrative expenses on the consolidated statements of operations. (3)    Tax impact is calculated using the annual effective tax rate, including discrete costs and benefits. (4)    Totals in this column may not foot due to rounding. 71 Table of Contents Liquidity and Capital Resources Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 In the following table and analysis, we discuss cash flows from operating activities, investing activities, and financing activities for the periods indicated. For the Year Ended December 31, 2025 2024 2023 Net cash provided by operating activities $ 279,397  $ 274,677  $ 234,316  Net cash used in investing activities (414,857) (71,265) (75,308) Net cash provided by (used in) financing activities 32,104  (51,531) (165,291) Net (decrease) increase in cash (103,356) 151,881  (6,283) Cash at beginning of period 183,255  31,374  37,657  Cash at end of period $ 79,899  $ 183,255  $ 31,374  Operating activities provided $279.4 million and $274.7 million of cash flows during the years ended December 31, 2025 and 2024, respectively. The increase in cash flows from operating activities for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was due to an increase in our operating income, partially offset by a decrease from the change in working capital and an increase in interest payments following the recapitalization of debt in July 2024. Investing activities used $414.9 million and $71.3 million of cash flows for the years ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, the principal uses of cash were $333.3 million for acquisitions of businesses, which primarily includes the purchase of Nova and Pivot Onsite Innovations, and $82.3 million for purchases of property and equipment under our capital program to open de novos, upgrade and maintain existing facilities, Nova start-up capital, and technology investments. For the year ended December 31, 2024, the principal uses of cash were $64.3 million for purchases of property and equipment and $7.0 million for acquisitions of businesses. Financing activities provided $32.1 million and used $51.5 million of cash flows for the years ended December 31, 2025 and 2024, respectively. For the year ended December 31, 2025, the principal sources of cash in financing activities were due to the updated term loan net proceeds of $948.8 million and from borrowings on our Revolving Credit Facility of $85.0 million. This was partially offset by repayment of the original term loan of $855.0 million, voluntary repayments on our Revolving Credit Facility of $85.0 million, dividend payments of $32.1 million to common stockholders, repurchases of common stock of $22.4 million, and distributions to non-controlling interests of $6.6 million. For the year ended December 31, 2024, the principal uses of cash in financing activities were a $1,535.7 million dividend payment to Select, $480.0 million of net repayments on our related party revolving promissory note, and $15.4 million repurchases of common stock from Select. The principal sources of cash were net proceeds from or term loans of $836.7 million, net proceeds from the issuance of our 6.875% senior notes of $637.3 million, and net proceeds from our initial public offering of $511.2 million. Capital Resources We had net working capital of $45.9 million at December 31, 2025, compared to net working capital of $130.0 million at December 31, 2024. The decrease in the net working capital surplus was principally due to a decrease in our cash, which resulted from the Nova acquisition in March 2025, Pivot Onsite Innovations acquisition in June 2025, voluntary revolver repayments, and share repurchases. A significant component of our net working capital is our accounts receivable. Collection of these accounts receivable is our primary source of cash and is critical to our liquidity and capital resources. Because our accounts receivable is primarily paid for by highly-solvent, creditworthy payors, such as workers’ compensation programs, employer programs, third party administrators, commercial insurance companies, and federal and state governmental authorities, our credit losses have historically been infrequent and insignificant in nature, and we believe the possibility of credit default is remote. Credit Facilities On July 26, 2024, CHSI entered into a senior secured credit agreement (the “Credit Agreement”) that provides for an $850.0 million term loan (the “Term Loan”), and a $400.0 million revolving credit facility, including a $75.0 million sublimit for the issuance of standby letters of credit (the “Revolving Credit Facility” and, together with the Term Loan, the “Credit Facilities”). In March 2025, the Company completed an amendment to the Credit Agreement to increase our Revolving Credit Facility by $50.0 million from $400.0 million to $450.0 million. The interest rate for the Revolving Credit Facility has been reduced from the Term SOFR plus 2.50% to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25- 72 Table of Contents basis point step down at a net leverage ratio of ≤3.50x. In addition, the amendment to the Credit Agreement also added new debt through an incremental term loan of $102.1 million, which provides an updated Term Loan of $950.0 million. The Term Loan interest rate has been reduced from Term SOFR plus 2.25% down to Term SOFR plus 2.00%, subject to a leverage-based pricing grid including a 25-basis point step down at a net leverage ratio of ≤3.25x. Borrowings under the Credit Facilities are guaranteed by the Company and substantially all of the Company’s current domestic subsidiaries and will be guaranteed by CHSI’s future domestic subsidiaries and collateralized by substantially all of the Company’s existing and future property and assets and by a pledge of the Company’s capital stock, the capital stock of CHSI’s domestic subsidiaries, and up to 65% of the capital stock of CHSI’s foreign subsidiaries held directly by CHSI or a domestic subsidiary. Borrowings under the Credit Agreement bear interest at a rate equal to: (i) in the case of the Term Loan, Term SOFR plus a percentage ranging from 1.75% to 2.00%, or Alternate Base Rate plus a percentage ranging from 0.75% to 1.00%, in each case based on CHSI’s leverage ratio; and (ii) in the case of the Revolving Credit Facility, Term SOFR plus a percentage ranging from 1.75% to 2.25%, or Alternate Base Rate plus a percentage ranging from 0.75% to 1.25%, in each case based on CHSI’s leverage ratio, as defined in the Credit Agreement. As of December 31, 2025, the Term Loan borrowings had an interest rate of 5.72%. The updated Term Loan amortizes in equal quarterly installments in amounts equal to 0.25% of the aggregate original principal amount of the Term Loan commencing on June 30, 2025. The balance of the Term Loan will be payable on July 26, 2031. Similarly, the Revolving Credit Facility will be payable on July 26, 2029. The Credit Facilities require CHSI to maintain a leverage ratio (as defined in the Credit Agreement), which is tested quarterly and currently must not be greater than 6.5 to 1.0. As of December 31, 2025, CHSI’s leverage ratio was 3.4x. Failure to comply with this covenant would result in an event of default under the Revolving Credit Facility and, absent a waiver or an amendment from the revolving lenders, preclude CHSI from making further borrowings under the Revolving Credit Facility and permit the revolving lenders to accelerate all outstanding borrowings under the Revolving Credit Facility. Upon termination of the commitments for the Revolving Credit Facility and acceleration of all outstanding borrowings thereunder, failure to comply with the covenant also would constitute an event of default with respect to the Term Loan. The Credit Facilities also contain a number of other affirmative and restrictive covenants, including limitations on mergers, consolidations and dissolutions; sales of assets; investments and acquisitions; indebtedness; liens; affiliate transactions; and dividends and restricted payments. The Credit Facilities contain events of default for non-payment of principal and interest when due, cross-default and cross-acceleration provisions and an event of default that would be triggered by a change of control. As of December 31, 2025, the Company was in compliance with all debt covenants. At December 31, 2025, the Company had outstanding borrowings under its Credit Facilities consisting of a $942.9 million Term Loan (excluding unamortized original issue discounts and debt issuance costs of $11.6 million). The Company did not have any outstanding borrowings under its Revolving Credit Facility. At December 31, 2025, the Company had $428.0 million of availability under its Revolving Credit Facility after giving effect to $22.0 million of outstanding letters of credit. 6.875% Senior Notes On July 11, 2024, the Company completed a private offering by its wholly owned subsidiary, Concentra Escrow Issuer Corporation (the “Escrow Issuer”), of $650.0 million aggregate principal amount of 6.875% senior notes due July 15, 2032 (the “Senior Notes”). On July 26, 2024, Escrow Issuer merged with and into CHSI, with CHSI continuing as the surviving entity, and CHSI assumed all of the Escrow Issuer’s obligations under the Senior Notes. The Senior Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and certain of its wholly owned subsidiaries. Interest on the Senior Notes accrues at a rate of 6.875% per annum and is payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2025. At December 31, 2025, the Company had $650.0 million of the Senior Notes outstanding (excluding unamortized premium and debt issuance costs of $10.4 million). 73 Table of Contents Hedging On March 3, 2025 we entered into derivative swap and collar contracts to mitigate our exposure to variable Term SOFR interest rates, which expire on February 29, 2028. The derivative swap contract limits the Term SOFR rate to a fixed rate of 3.829% on $300.0 million of principal outstanding under our term loan. We also entered into a derivative collar contract, which limits the Term SOFR rate to a cap of 4.500% and floor of 3.001% on $300.0 million of principal outstanding under our term loan. These derivative contracts limit our Term SOFR variable interest exposure on our $942.9 million term loan. Liquidity We believe our internally generated cash flows and borrowing capacity under our Revolving Credit Facility will allow us to finance our operations in both the short and long term. As of December 31, 2025, we had cash and cash equivalents of $79.9 million and $428.0 million of availability under our Revolving Credit Facility, after giving effect to $22.0 million of outstanding letters of credit. Our material cash requirements from known contractual and other obligations include: i.Debt payments, including finance lease payments – Our expected principal payments total $1,596.4 million, with $10.7 million payable within the next twelve months. We intend to refinance our long-term indebtedness before it matures. Refer to Note 9—“Long-Term Debt” of the notes to our consolidated financial statements included herein for additional information. ii.Interest payments – Our expected interest payments on the Senior Notes and Term Loan total $605.0 million, with $98.4 million payable within the next twelve months. Interest payments for the Senior Notes were calculated using the stated interest rate, and interest payments on the Term Loan were calculated using the interest rate of 5.72% as of December 31, 2025. iii.Operating lease payments – Our expected operating lease payments total $669.5 million, with $116.0 million payable within the next twelve months. Refer to Note 5—“Leases” of the notes to our consolidated financial statements included herein for additional information. iv.Purchase, construction, and other commitments – Our expected payments related to purchase, construction, and other obligations total $99.5 million, with $32.0 million payable within the next twelve months. Our purchase obligations primarily relate to software licensing and support agreements which specify all significant contractual terms and are legally binding and enforceable. Our construction commitments are described further in Note 18—“Commitments and Contingencies”. v.Insurance liabilities – Our expected payments related to our insurance liabilities, including those for workers’ compensation and professional malpractice liabilities, total $49.7 million, with $18.2 million payable within the next twelve months. The amounts payable within the next twelve months are recorded in accrued other in the consolidated balance sheet as of December 31, 2025. The remaining amounts are recorded in other non-current liabilities. vi.Other current liabilities recorded in the consolidated balance sheet as of December 31, 2025, such as accounts payable and accrued expenses, which are not specifically identified above. We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Such repurchases or exchanges, if any, may be funded from operating cash flows or other sources and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Use of Capital Resources We intend to grow through strategic acquisitions of existing occupational health centers and onsite health clinic platforms, as well as building new de novo centers. Restricted Stock Awards On November 4, 2025, the Human Capital and Compensation Committee approved granting directors and certain of its employees 1.6 million restricted stock awards, which generally vest annually over four years. The fair value of these awards was $30.7 million. 74 Table of Contents Repurchase of Common Stock During the year ended December 31, 2025, we repurchased 1.1 million shares of our common stock for $22.4 million. The repurchase of common stock included shares repurchased under the share repurchase program and 114,052 shares of common stock repurchased for $2.4 million related to the shares withheld in connection with the vesting of employee restricted stock awards. Shares repurchased in connection with employee restricted stock awards do not impact the remaining authorization under the share repurchase program. Share Repurchase Program On November 5, 2025, the Board of Directors authorized a share repurchase program to repurchase up to $100 million of the Company’s outstanding common stock. The share repurchase program will expire on December 31, 2027, unless extended or terminated by the Board of Directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as the Board of Directors deems appropriate. The Company will fund the share repurchase program with cash on hand. The authorization of the share repurchase program does not obligate the Company to repurchase any shares. During the year ended December 31, 2025, the Company repurchased 1.0 million shares of common stock under the share repurchase program for $20.0 million. All shares repurchased were permanently retired. As of December 31, 2025, the Company’s remaining authorization to repurchase shares under the program was $80.0 million. Dividends On February 28, 2025, May 6, 2025, August 6, 2025, and November 5, 2025, our Board of Directors declared a cash dividend of $0.0625 per share. On April 1, 2025, May 29, 2025, and August 28, 2025, and December 9, 2025, cash dividends of approximately $8.0 million were paid for each payment date, for a total of $32.1 million paid in 2025. On February 25, 2026, the Board of Directors declared a cash dividend of $0.0625 per share. The dividend will be payable on or about March 19, 2026, to stockholders of record as of the close of business on March 12, 2026. There is no assurance that future dividends will be declared. The declaration and payment of dividends in the future are at the discretion of our Board of Directors after taking into account various factors, including, but not limited to, our financial condition, operating results, available cash and current and anticipated cash needs, the terms of our indebtedness, and other factors our Board of Directors may deem to be relevant. Additionally, certain contractual agreements we are party to, including our credit facilities, will limit our ability to pay dividends to our stockholders. Effects of Inflation The healthcare industry is labor intensive and our largest expenses are labor related costs. Wage and other expenses increase during periods of inflation and when labor shortages occur in the marketplace. Thus far the impact of inflation on our business has not been material. 75 Table of Contents